Mar 18, 2010
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Italy's Della Valle again boosts Saks stake

Mar 18, 2010

CHICAGO, March 17 (Reuters) - Italian businessman Diego Della Valle continued his shopping spree at Saks Inc (SKS.N) in recent days, buying millions of new shares on top of recent stock purchases and nearly doubling his stake in the luxury U.S. department store chain since early March.

Photo : saks.com

The transactions have raised his ownership in the retailer to 9.4 percent, bringing him closer to the 16.1 percent held by Saks' top shareholder, Mexican billionaire Carlos Slim, according to Thomson Reuters data.

In a number of transactions between last Thursday (11 March) and Tuesday (16 March), Della Valle bought another 3.6 million shares for $30.2 million, according to a filing on Wednesday 17 March with the U.S. Securities and Exchange Commission.

These stock purchases closely follow a series of transactions early last week and have brought the total number of Saks shares Della Valle holds to 15 million.

As of March 7, he owned 8.5 million shares, or 5.3 percent of Saks shares.

Della Valle, the chief executive officer of Italian designer shoe and bag maker and Saks supplier Tod's SpA (TOD.MI), also owns the Fiorentina soccer club.

Saks shares were up 1 cent at $8.49 in midday trading. They have risen 15.2 percent since the start of trading on March 8, when Della Valle began buying up shares. (Reporting by Phil Wahba; Editing by Lisa Von Ahn)

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